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This post on PM Hut highlights some of the top risks to consider in projects, and all 8 of them point to a lack of responsibility and communication. Take for instance the first tip: identification of possible risks, and scheduling of meetings to discuss the risks with the team working on the project. This open communication of risks can help get the perspectives of others who had experience in similar projects (or who see risk in a different, more specific light). The theme of communication and responsibility continues with tip number 8: share responsibility of risks intelligently to keep the project manager's focus centered:

As a project manager you need to be able to hand over responsibility of certain aspects of a project. By passing on the task of managing a risk to a member of the project team who is best qualified to deal with the risk, the project manager can concentrate on deeper tasks within the project. The nominated individual will then become the risk owner and from there have the power to mitigate the risk. This action should not be underestimated, due to the fact that if someone is not given ownership there is a chance that the risk won't be mitigated.

In the above text, notice that the person is “given ownership” of the risk management process. Responsibility over risk management, and following up on identified risks, is a singularly important element. While a project manager can do a good job of monitoring risks themselves, it's the awareness and sense of responsibility throughout the project team that truly makes risk management successful.